Volume, Price Analysis Indicate Tech Stocks Could Keep Charging Higher This Week

As a trader or investor, the weekly chart is a great tool to get a big picture of any market or instrument. It helps to eliminate price fluctuations caused by fundamental releases and news, giving us a better perspective on where we stand in the price cycle. Let’s consider the weekly chart for theto illustrate this point as we have several volume price analysis signals that would have alerted us to the type of price action we could expect in the following week.

However, the reversal candle, although accompanied by above-average volume was still anomalous given the range of the candle. It also triggered the volatility indicator which displays when the price action is outside the ATR. This almost always results in the price action retracing into the spread of the candle, which is exactly what happened here. In addition, the reversal candle also bounced on the anchored VWAP giving us confidence that QQQ was likely to move higher.

New traders often wonder why poor economic data can drive a market higher rather than lower and vice-versa. In this instance, the fall in the number of jobs created signals a weakening economy today and here traders and investors will be focused on the take-up and yield.

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